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Cyviz reported its second-quarter 2025 earnings, revealing a mixed financial performance that led to a 6.23% drop in its stock price. Despite a decline in revenue, the company showed promising growth in its partner ecosystem and maintained a positive outlook for the rest of the year. The stock closed at $3.53, near its 52-week high of $3.91, reflecting market concerns over decreased order intake and EBITDA. According to InvestingPro data, the stock’s RSI suggests overbought conditions, though analysts maintain a strong buy recommendation with significant upside potential.
Key Takeaways
- Revenue decreased by 10% year-over-year to $1.29 million.
- Gross profit increased by 10% to $315 million.
- Order intake fell by 32%, though year-to-date figures hit an all-time high.
- The company maintained a positive operating cash flow of $3.6 million.
- Cyviz’s stock fell by 6.23% following the earnings announcement.
Company Performance
Cyviz’s performance in Q2 2025 was marked by a decline in revenue and order intake, with revenues falling by 10% compared to the previous year. However, the company managed to increase its gross profit by the same percentage, demonstrating efficiency improvements. The order intake, although down by 32% for the quarter, reached a record high on a year-to-date basis, suggesting strong underlying demand.
Financial Highlights
- Revenue: $1.29 million, a 10% decrease year-over-year.
- Gross Profit: $315 million, a 10% increase from the previous year.
- EBITDA: -$2.6 million, down by $4.8 million compared to last year.
- Order Intake: $123 million, a 32% decrease year-over-year.
- Positive Operating Cash Flow: $3.6 million.
Outlook & Guidance
Cyviz remains confident in achieving its full-year targets despite the challenges faced in Q2. The company expects performance in the third and fourth quarters to compensate for the second-quarter shortfall. Significant growth is anticipated in the defense and energy sectors, with a focus on developing a more predictable revenue model.
Executive Commentary
CEO Espen Gjlvik expressed optimism, stating, "We are still confident, quite positive. Q2 doesn’t change anything." CFO Peter highlighted future growth, saying, "By 2030, we expect more than half of the company’s contribution margin to come from new product lines."
Risks and Challenges
- Decreased order intake may signal future revenue challenges.
- Negative EBITDA indicates potential profitability issues.
- Geopolitical uncertainties could impact market expansion strategies.
- Heavy reliance on the defense sector may pose risks if governmental budgets shift.
- Execution risk in expanding the partner ecosystem and recurring revenue model.
Despite the immediate market reaction, Cyviz’s strategic initiatives and long-term growth prospects suggest potential for recovery and growth, particularly in high-demand sectors like defense and energy. InvestingPro’s comprehensive analysis indicates the company maintains a "GOOD" overall financial health score, with particularly strong momentum metrics. For detailed insights into Cyviz’s valuation and growth potential, access the full Pro Research Report, available exclusively to InvestingPro subscribers.
Full transcript - Cyviz AS (CYVIZ) Q2 2025:
Espen Gjlvik, CEO/Company Leader, Cyvis: Hi, and welcome to the second quarter earnings call for Cyvis. My name is Espen Gjlvik, and with me I have the company CFO called Peter, and we will take you through today’s agenda. So we’re gonna go to q two, in a brief, some sort of, like, aggregated view from 2020. That’s the time when we went public to 2025. Some of the business highlights within the quarter, the q two and h one financials.
And I think we agreed today to also do a short recap, on the strategic priorities that we presented at the Capital Markets Day. I think it’s a good opportunity for us to just give some sort of directional guidance on where we are and where we’re heading and are we on track. And then just summarize with the outlook, and then at the end of the day, do the q and a’s. So hopefully, there’s a lot of good questions, and we are more than happy to respond to that. So let’s move on.
So second quarter was, I would say, a soft quarter in a sense, not necessarily because the underlying business was, underperforming rather the contrary, but, more due to the impact on timing on some significant large deals, in particular in The US market that was planned to come early June, that we now have signed in August. And they’ve had a significant impact on largely all the financial KPIs. So as you can see, the revenue ends at $1.29, which is down 10,000,000, compared to similar quarter last year. Gross profit’s still quite good with a good gross margin of 53%, partly also because the mix of what was delivered and recognized as revenue in the quarter had higher margins, again, back to some large projects, slide into the third quarter. EBITDA of minus 2,600,000.0, which is down 4,800,000.0 versus last year, And the order intake or booking, ended at 123,000,000, which is 32,000,000 down compared to last year.
So, again, quite soft quarter.
Peter, CFO, Cyvis: And as we mentioned those, large deals, which were in final stages of negotiations at the end of the quarter, which, were closed in August, those also affects the twelve month rolling development on order intake, which ended at 609,000,000, which is a decrease of 10%. We’ll get back shortly to, what it looked like, as of yesterday, which is significantly different. Gross profit, different story, continued to increase 315,000,000, up 10% on last year related to the gross margin, Esben just mentioned. I’ll also get back to that later. And then lastly, EBITDA on a twelve month roll is rolling basis continues to increase and landed at 28,000,000, which is an increase of 32% on last year.
Espen Gjlvik, CEO/Company Leader, Cyvis: Yeah. So just a side comment on that. I think we we gave a guidance when we went public around 30% CAGR year over year. And I think despite those significant deals moving into the third quarter, we are ballpark around the target we set with 30% CAGR on order intake, a little dip on the revenue side, and quite close on the gross profit side. So looking at it in a larger type of scheme of things, the underlying business still performed well.
But since a significant part of our business still are project driven, we are somewhat impacted of when the large significant deals ends, if they ends inside a quarter that is planned or if it’s for certain reasons slide over to the following quarter.
Peter, CFO, Cyvis: And this holds for both order intake and also revenue recognition, so it’s both. And this quarter is kind of affected in multiple ways by that.
Espen Gjlvik, CEO/Company Leader, Cyvis: Right.
Peter, CFO, Cyvis: We mentioned those deals, so we thought it relevant to, break it, down and show you the the total picture. And as of yesterday, the company had a year to date order intake of 399,000,000. That’s 10% up from the same date last year and is also a all time high for this time of year for the company. That takes the backlog to more than 400,000,000 compared to the 281,000,000 at quarter end. So the differences here are major, and that’s why we’re focusing so much on after quarter end events.
Order intake by brand year to date, as you can see, it’s quite well diversified both in terms of geographical regions and also in terms of the different verticals, and you’ll dive dive into the different verticals in a minute. Yep. So as Espen was saying, the underlying business is performing well. Q two for multiple reasons came out financially on the software side. Gross margin, you touched upon it, affected this quarter by, timing of large projects and how the revenue recognition happens, and then also the order intake exacerbates, the margin the margin picture.
So there is an underlying positive margin drift, is driven by larger projects, economies of scale, so forth, and also more recurring revenue. We’ll talk a bit more about the recurring revenue also later. But it is worth mentioning that the gross margin is elevated and has been for quite some quarters for accounting particularities. So we do expect some reversal in the second half, but the underlying trend is still on the positive side.
Espen Gjlvik, CEO/Company Leader, Cyvis: Yeah. Let’s look at some other business highlights. As Karl Peter mentioned, I think one of the things that has been important for us over the last years is to really diversify the portfolio both regionally, vertically, and solution wise. And I think this quarter as literally the last six, seven quarters are good evidence that we are still capable of attracting inside new verticals, but also balancing in between verticals and regions. If there are incidents or certain things happening inside regions for different reasons, we now have a much better base to, like, balance any unforeseen type of incidents.
If it happens in The US driven by unpredictability related to tariffs or whatever or the war in Gaza that has sometimes impact on certain deliveries in the region of Middle East, We now have that flexibility and that type of opportunity to balance. And q two, as most of the last quarters, is a good mix of continue to sell to existing clients, which is a sentiment and an evidence that what we deliver is really, really good and appreciated by customers and provide the value they pay for, but also the ability to go out and attract new clients and new logos to enhance the base that we are working on. And it’s a mix of control rooms, operation centers, some software driven sales, and advanced meeting rooms across actually all the regions. Europe, in particular, quite significant in the quarter, largely driven by both, again, new opportunities with Aker BP, but also now we start to see attraction inside the defense space, and we talked about that a little bit in the q one earnings call. The defense sector with the increase in budgets across NATO countries in Europe is starting to pick up.
The interest is increasing significantly. And I think as a company, we are probably better positioned both on the technology side, the security side related to our technology, and also the new certifications that we have regarding framework for going directly off the NATO business is good indications for a positive projection of future growth inside that vertical in Europe in particular.
Peter, CFO, Cyvis: Mention here that we have now for the first time split out defense separately. The only if you look at the pie chart to the left, it used to be government and defense, and we now split those two. And if you combine them, you see a substantial growth compared to previous periods, which is driven by defense. So a lot of defense traction both in the pipeline and also closed orders.
Espen Gjlvik, CEO/Company Leader, Cyvis: Yeah. And as you can see, the energy sector is still continuing to have a significant portion of the business. And I think we we, at least internally, see that defense and energy are probably the two two most significant, verticals for growth for the next two, three years as well inside our industry. Okay. Let’s move into more data driven financials.
Yes.
Peter, CFO, Cyvis: So we’ve touched upon it quite a lot. It’s a quarter which is affected by both the timing of revenue recognition and also by the orders that came in in August, so I’ll be quite brief. Revenues year on year down 7.1%, twelve month rolling trend quite the opposite with an increase of 15% compared to the same period last year. Gross profit stable, kind of again relates to projects and slightly elevated margins. So even though revenues were down, gross margin unchanged.
EBITDA, down 4,800,000.0 compared to the same period last year for the quarter, twelve month rolling basis to the contrary up 32%. And then bookings, which we talked a lot about, so I’ll just skip going to the details there. Half year results, on the revenue side, up 8%. Gross profit, again, stable compared to the same period last year with a decline on, the EBITDA EBITDA side of 8,700,000.0 related to the same things that we’ve talked about, and q two is the primary driver. And then lastly, bookings again down 5% compared to the same period last year driven solely by the q two performance.
Operating cash flow, we achieved a positive operating cash flow in the quarter of plus 3.6, million, driven by, improved collection efforts and particularly letters of credits in more challenging regions. So we’re able to recuperate funds on time, and that offset the operating loss completely. And then for the quarter, I’ll I won’t go into details. It’s we covered this in q one, but it looks a bit different, but trending in the right direction.
Espen Gjlvik, CEO/Company Leader, Cyvis: Okay. So let’s see if we can spend some minutes around, I mean, the half year recap and relates that to the Capital Markets Day and our four years strategic plan. So, I mean, this is just like a picture that, I mean, some of you have seen before. We spent significant time on that during the Capital Markets Day. I think the left side of the picture is just like a visual indication on the components that sums up what we do as a company and what we deliver to clients.
And the inner circle is the gross margin share today. And the other larger circle is the expected gross market share inside those categories when we reach twenty thirty depending on delivering on, of course, the strategy we have carved out and that we are delivering the operational part of it. But the essence here is just related to the two new business lines. We have twenty seven years of legacy, fantastic technology, incredibly happy customers across 84 countries at current state. I think an essence of what we are doing is to capitalize on that legacy and that technology.
And finally, allowing partners to take Cyvis core technology, which contains all the video processor, the operating systems and the software and the controller, and, of course, now the new software platform, and give them the opportunity to take that and go out and attract new customers and build cyber solutions without cyber involvement. So it’s an important strategic part of our scale up, the ability to reach out to a lot more customers with way less cost than risk, paired up with what we anticipate and plan to do on our new software platform, which is gonna be a very, very partner driven play and the key element of the subscription revenue growth for the company going forward. And those two things paired up is literally the essence of why we are confident and also talking about driving improved profitability and also improved share of recurring revenue going forward.
Peter, CFO, Cyvis: And stability in earnings.
Espen Gjlvik, CEO/Company Leader, Cyvis: Of course. Yeah. It’s it helps also build a much more predictable business model than we have today when 98% is project driven and quite unpredictable. Yes. Okay.
And the uniqueness, I think I touched upon it when I talked about the first slide. But we have an in house developed software component and a hardware component. I think the beauty of it, if you can talk about it in that sense, is that AcuBP uses CyVis technology to, like, literally modernize and run their business across control rooms, operation centers, drilling, production, this and that. The same building blocks, the same technology without any change whatsoever is used by Microsoft to run their technology centers. The only difference is how the customer and we configure the setup for the user experience and the user purpose.
So it gives us competitive benefits of being able to enable existing technology across any type of use case, any type of vertical without adding a lot of manual work related to, like, config and coding and adjusting to solutions. Hence, also why we scale faster. We can deliver faster, more reliable, and also collect better margins on the project we do than anyone we compete with. So it is a scalable model that we are now also allowing partners to go out and sell to their customers.
Peter, CFO, Cyvis: And it’s good for the customers as well. So one thing is the scalability for us as a company, but for the customers, it’s quicker to do changes and also do the install. So customers, it’s good for us.
Espen Gjlvik, CEO/Company Leader, Cyvis: Yeah. And any type of new service or solution or application we built or function we built, we can share that with any customer across the world Exactly. Through the web without having to send people out and do physical install on-site.
Peter, CFO, Cyvis: And amendments can be done remotely and to a large extent as well to sending install. Yeah.
Espen Gjlvik, CEO/Company Leader, Cyvis: Okay. Let’s look at the growth priorities.
Peter, CFO, Cyvis: Yes. And this is a slide which which is a recap from the Capital Markets Day, but it shows how we predict things will change over time. So the blue dark blue color on the blood, that’s called the base. That’s the turnkey business which we’re running today. And then gradually, more and more revenue and contribution margin will come from the new product lines.
I think the essence of this slide is that by 2030, we expect more than half of the company’s contribute contribution margin to come from new product lines will increase margins, more recurring revenue, more stable earnings. But as you can see, it takes time to build. So 2025 is kind of building the fundament. This is where we’re, building a partner ecosystem. This is, where we’re doing the the final kind of fine tuning on the product according to what, feedback we’re getting.
And then commercialization is happening essentially this half of the year with the building pipeline and then converting it over to orders and and deliveries in 2026. So, a bit of a status. We are, I’d say, well ahead, on both the Syvis core technology, that’s the hardware component, and also the software management platform. So currently, we have 11 partners signed for the Syvis core technology. The full year target internally for 2025 was six.
Developing well, we now have t three tailored packages, small, medium, and large for different solutions. And we’re actively building pipeline and it’s looking fairly well, I’d say. Software Just
Espen Gjlvik, CEO/Company Leader, Cyvis: to add to that, I think what we experienced is quite positive response when we are out talking to, like, partners, potential partners. So I would I would guess that we, at the end of this year, would have a partner portfolio on the core technology kit anywhere close to 20 with an ambition when the year started at six. So I think that build a solid fundament for the scale up and the type of sale of those type of kits going into 2026.
Peter, CFO, Cyvis: And software management platform, likewise, we have 24 partners signed. Full year target was 15. And we are in advanced negotiations with an additional 10 more partners, late trials there. So I’d say the the incoming interest is is a lot stronger than we anticipated. And we also have converted seven end customers into our cloud solution with even more pending.
And some of the large global corporates that we have as existing customers are moving their entire solution to our cloud, which we’re very happy about.
Espen Gjlvik, CEO/Company Leader, Cyvis: Yeah. And I think when we get to the earnings call for the third quarter, I do anticipate and hope that we can talk a lot more about, I mean, migrating over to our cloud platform and also some of the significant large global customers that have signed and started to use that and the type of referral that comes with it. Yeah.
Peter, CFO, Cyvis: I think also it’s worth mentioning the the map on the right hand side right hand side in terms of the software management platform where you can see that the partners are well distributed between regions. So it’s not only kind of European interest or US interest, but it’s kind of split between the Atlantic, which which I think is great. Okay. Let’s see.
Espen Gjlvik, CEO/Company Leader, Cyvis: So I think to summarize what we have talked about, second quarter, slightly on the soft side. But again, as we explained and probably people have seen since we have done I mean, announcements of deals, significant deals over the last weeks. Mhmm. I think when we get to the q three earnings call and present the q three numbers, we would be well aligned with, I mean, the full year target of this year. So you just balance q two and q three.
The pipeline is there. I mean, we have closed closed to, I mean, 200,000,000 NOK already within q three. So quite confident that we will be on track balancing q two with q three. This is good or bad. I mean, the the the the living of doing project based business.
The partner ecosystem is building for our core tech business going forward faster and better than we anticipated, which is good. The same with the software platform. And I think the key essence for future success when it comes to predictability, improved margins, and profitability, and reaching the 25% type of recurring share of our business is largely driven by the Cortec kit sold through partners and partners taking the new software platform out in the marketplace. And we are quite happy and positive as of today on the traction on that. And we are continuing to build new applications and new plugins on the on the platform as well, opening up an even larger marketplace for the platform going forward.
So overall, a quarter as expected, soft because of deals moving into q three. The majority of them already signed. We will activate those deals within 2025. So the majority of those bookings that came now in August will turn into revenue and profitability during the year. And, of course, as we have talked about for six months now, the defense sector inside Europe is gonna be critical but also fantastic for future growth for the company and especially for our European type of region that is now engaging with multiple countries and multiple divisions inside the different branches of defense to provide, I mean, the best of breed control rooms and operation centers either fixed on-site or as one of the few companies on the planet in a mobile container.
So we are still confident, quite positive. Q two doesn’t change anything, and we are looking forward to present a fantastic q three when we get there. And with that, I think we open up for questions. Yeah.
Peter, CFO, Cyvis: And there are quite a few of them. Let’s
Espen Gjlvik, CEO/Company Leader, Cyvis: see. Let me change my glasses. That’s being
Peter, CFO, Cyvis: them out loud. So let’s start from the top. It’s a question in in Norwegian. Try to translate it. A negative net result of 26,000,000 in first half twenty twenty five.
What can we expect for the full year? You wanna start? I’ll start. We’ve been quite transparent that first half was below expectations, and we’ve also talked a lot about the orders that came in after quarter end. That’s just for having the the current backlog that we do have and the order intake to date should indicate a change in how we’re trending.
We do not guide specifically, but I think the numbers which are there in particular the backlog and the order intake should indicate as you just mentioned with q three and q four a more positive territory. We are a project business. Things are hard to predict kind of whether things will fall into q three or q four. But generally speaking, I’d say the outlook is is brighter than than what we delivered
Espen Gjlvik, CEO/Company Leader, Cyvis: it’s important for people to understand. We we are working with and monitoring, I mean, the order backlog and pipeline on weekly basis. It’s part of how we run our business. And, I mean, looking at what’s in the order backlog, what’s in the pipeline, what is expected to continue to close during the remaining part of q three and q four, we are still confident that we will deliver this year in line with our plan and also recover, I mean, some of the delta that was produced in particular versus our internal targets during the second quarter, again, driven by a deal of 140,000,000 moving into q three. So still quite confident.
We have, I mean, significant enough order backlog and pipeline to convert into revenue and profitability to regain, I mean, the year as planned.
Peter, CFO, Cyvis: And I I agree with you. I’d say the pipeline is is strong. And then what we haven’t talked about much now is that we have so the current environment in the world and the geopolitical situation, it creates a lot of opportunities in the defense sector, and we’re seeing incoming interest.
Espen Gjlvik, CEO/Company Leader, Cyvis: Yep.
Peter, CFO, Cyvis: But it also creates some challenges on the other side, and that’s hard to predict. Maybe you want to mention a bit with the what’s happening with two ongoing wars and
Espen Gjlvik, CEO/Company Leader, Cyvis: No. I think I I we we have been working on, I mean, the elements potential risks and elements related to tariffs for a long long time both internally and with our partners. We have enhanced and broadened our partner ecosystem inside Europe, inside US to reduce the impact on tariff and maintain I mean, the competitiveness that we think is important in today’s climate. We are doing more assembly on products, third party, etcetera, paired with our stuff inside Europe for European customers. We do see the defense sector in Europe is now asking for more specific European manufactured and provided solutions, especially in the defense sector.
We have all of those bits and bytes in place, so we are not dependent on getting things from The US market into the defense sector in Europe and vice versa. The impacts of the wars is still, I mean, hard to predict. We see in certain cases in Middle East that some projects outside, I mean, Dubai and Saudi in the region closer to the Gaza border are less likely to happen this year. And we are now converting more opportunities to work inside those markets where we know that the projects will happen. So I think we have a good view and we have a plan a, we have a plan b, and a plan c to mitigate those type of potential risks that is there.
Whatever unforeseen things that might happen in the rest of the year is really hard to prepare and plan for, but I think we are at least in a place now where we have more opportunities to play with inside the different regions and verticals. So that should serve at least as a base for protecting the outlook of
Peter, CFO, Cyvis: the year. Agreed. And this kind of taps into the next next question. Do you expect order intake momentum to continue going into h two? I think that’s essentially what we talked about for the last couple of minutes.
Yep. So but pipeline is looking healthy. Yep. And then we have kind of the risk which every company is facing think
Espen Gjlvik, CEO/Company Leader, Cyvis: it’s based on what we see and what we know today. I think the order backlog looks good, the pipeline looks good. We had like a six hour session. I had that with all the EVPs for the regions and the salespeople on Tuesday this week, so it’s not that many days ago. We have gone through case by case by case.
And I think the pipeline is healthy across actually, MEAP, Europe, and US. And I mean, there are still four months or three and a half months left to even increase the pipeline.
Peter, CFO, Cyvis: So, yeah, I think we should have a good opportunity to recover and deliver as expected. Agree. How should we think about revenue recognition going into second half and what is the average duration of projects in the backlog? Should I have a go or you Yeah. Start.
Alright. So the average duration typically is around six months. If we include recurring revenue on the project side, it’s typically eight months. So the recurring kind of tail is is pretty long. It changes a bit the average duration, but we do have some large projects and we have had that for quite some time, different different projects, but still kind of, what we call a multi period projects.
I think it will change based on the order intake and the delivery times for those projects, which are a bit on the shorter end. So I think that’s kind of the the the outlook. What’s happened in q two specifically is that we had a lot of installs. So we had two pretty large projects where a lot of the project shipments happened in q four and q one Yep. With relatively low margins, and then the entire install happened in q two where we don’t have any COGS on the install.
It’s just service.
Espen Gjlvik, CEO/Company Leader, Cyvis: More service revenue Exactly. On budget.
Peter, CFO, Cyvis: And that will probably not happen in q three and q four, but it depends on the order intake and and how it all pans out. But that’s the
Espen Gjlvik, CEO/Company Leader, Cyvis: expectation. So the majority of things that has been, like, booked now, I mean, through q two and also now in August, we have talked about at least a couple of significant large deals. All of them are due to be delivered and installed in this side of 2025. And I think we see more and more projects that has shorter time from signing contract to expected type of installation. And just to be very transparent, I think that large deal we announced, I think, a week ago have an eight week time frame of install.
Peter, CFO, Cyvis: So from when we start to finish, the expectation contractually is actually no more than eight weeks. And the install time is more driven by the customer side and the readiness of their facilities than how much time we need. So it’s very much customer driven and not driven by us. Alright. What levels of investment into product development and ERP systems do you expect moving forward?
I’d say a fairly stable level and in line with what we had last year. That’s the anticipation, and we’re trending pretty much on last year, wiggling a bit between the quarters depending on how much activity we have. But for the year as a whole, more or less in line with with last year. That’s the Yeah. Anticipation.
Yeah. As you see, how significant do you expect the gross margin downturn to to q three, q four to be? I think I kind of touched upon that in terms of the amount of install that we had now in q two, and we expect a more normalized margin going into q three and and q four. Yep. What steps are you taking to optimize the cost base?
So I think looking at operating expenses. So COGS is kind of a a separate thing. We’re doing things there as well on supply chain and trying to get more economies of scale in purchasing and so forth. But I think the big the big driver is operating expenses, there are essentially two things. It’s salary costs and it’s professional fees.
And looking on operating expenses this year compared to last year, it’s, I’d say, fairly diligent in terms of the development. There’s not much increase. There are a few extra head counts related to the new product lines that we are developing. And other than that, there is not much increase.
Espen Gjlvik, CEO/Company Leader, Cyvis: No. I think I mean, it’s a good question. And I think just to be clear, we are doing a complete assessment on all people across all departments in the company to look at capabilities, size Mhmm. Related to our four year plan. Mhmm.
And there will be adjustments, I mean, moving into 2026. It might be capability changes. It might be roles moving into other roles. It might be a balance on that and reduction there and an overinvestment somewhere else. It largely depends on where we are taking the company, and we have talked about investing in partner driven business and the software platform.
So I think when we are heading into 2026, it’s also gonna be a reflection on, I mean, where we are heading and what’s needed to get there.
Peter, CFO, Cyvis: And then the last question, given the covenant breach, do you foresee any need for raising equity in the near term? Before you start, just worth mentioning that we anticipated this long before the end quarter. We had a long dialogue with the bank and we have received a covenant waiver and it relates to the equity covenant which is 30% and we had 28.8% just kind of as a backdrop. And then
Espen Gjlvik, CEO/Company Leader, Cyvis: Yeah. Think the short answer on that I mean, for us to deliver I mean, on plan and what we expect during q three and q four, we don’t see that we have any need for additional cash.
Peter, CFO, Cyvis: It
Espen Gjlvik, CEO/Company Leader, Cyvis: will always be an open subject for discussion internally depending on if there is an opportunity to do a or b or c. We might have conversations internally and and see if that’s like something we should do or not do. But to run the business as is delivering on the expectations and the plan for q three and q four, I think we are quite okay. And last question,
Peter, CFO, Cyvis: how large are the receivables is within the ninety days as per the RCF covenants? Most of it. And it’s it has improved substantially since last year. Don’t remember the percentage top of mind, but we’re not near a covenant breach on
Espen Gjlvik, CEO/Company Leader, Cyvis: Significantly better. Yeah.
Peter, CFO, Cyvis: Covenant requirements, so no worries. Correct. Yeah. Think that sums up all the questions. Yeah.
Espen Gjlvik, CEO/Company Leader, Cyvis: Yeah, Ben. Thank you everyone for joining in, participating, and thank you for providing a lot of good valid questions. We appreciate that. And looking forward to see you when we come here to do q three. Yeah.
Thanks, Peter. Have a nice day. Bye bye.
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